August 22, 2024 05:26 GMT
SCHATZ TECHS: (U4) Support At The 20-Day EMA Remains Intact
SCHATZ TECHS
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- RES 4: 107.120 2.00 proj of the May 24 - Jun 14 - Jul 5 price swing
- RES 3: 107.000 Round number resistance
- RES 2: 106.916 1.764 proj of the May 24 - Jun 14 - Jul 5 price swing
- RES 1: 106.500/106.810 High Aug 6 / 5 and the bull trigger
- PRICE: 106.315 @ 06:01 BST Aug 22
- SUP 1: 106.177 20-day EMA
- SUP 2: 105.983/820 50-day EMA / Low Jul 26
- SUP 3: 105.630/495 Low Jul 22 / 11
- SUP 4: 105.390 Low Jul 5 and a key support
An uptrend in Schatz futures remains intact and the latest pullback is considered corrective. For now, the contract continues to trade above a firm support at 106.177, the 20-day EMA. It has been pierced, a clear break of it would be seen as an early bearish threat. Support at the 50-day EMA, lies at 105.983. For bulls, a resumption of gains would signal the end of the corrective cycle and open 106.916, a Fibonacci projection.
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